In recent years, PeopleStrong has firmly established itself as one of the most promising players in the global Human Capital Management (HCM) SaaS landscape. From its humble beginnings in 2005 to its momentous acquisition by Goldman Sachs in 2025, PeopleStrong’s journey has been marked by strategic acquisitions, groundbreaking product launches, and an unwavering focus on innovation in HR technology.
Let’s take a closer look at the company’s growth, year by year, culminating in its landmark deal with Goldman Sachs.
2005: The birth of PeopleStrong
PeopleStrong was founded in 2005 by Pankaj Bansal and Shelly Singh in Gurugram, India. The vision was clear from the beginning: to build India’s first HR shared services company. The founders identified a clear gap in the market for technology-driven HR solutions that could cater to the needs of the country’s rapidly growing corporate landscape.
At this time, HR software was largely a back-office function. PeopleStrong set out to change that by offering solutions that would drive real value for businesses across India. Their early offerings, which centred around payroll and talent management services, helped organisations streamline their HR functions and enhanced the overall employee experience. It was a bold move, considering that HR SaaS solutions were still an emerging category in India.
2011: A significant milestone
In 2011, PeopleStrong secured its first multi-million dollar deal, a crucial step that validated its business model and market potential. This deal set the stage for significant growth in the coming years. During the same year, the company was also named among the ‘Best Companies to Work For’ by Business Times, which provided additional credibility in a competitive market.
By this point, PeopleStrong was positioning itself as a serious player in the Indian HR tech industry. The company’s focus on integrating technology with HR services was resonating with large enterprises looking to digitise and automate their HR processes.
2012-2014: Expanding capabilities and building a portfolio of brands
In the years 2012-2014, PeopleStrong undertook strategic acquisitions to bolster its capabilities in key areas. In 2012, the company acquired Wheebox, an online talent assessment firm. This acquisition allowed PeopleStrong to broaden its offerings, enabling it to provide a more comprehensive suite of solutions, including employee assessment and recruitment tools.
2014 also saw the launch of three distinct brands under the PeopleStrong umbrella: PeopleStrong Tech, which focused on technology-driven HR solutions; Taggd, a recruitment solutions platform; and Wheebox, which continued to operate as a talent assessment entity.
These acquisitions not only diversified PeopleStrong’s offerings but also helped solidify its position in the HR technology space. The company’s ability to integrate different HR solutions into one unified platform made it increasingly attractive to large organisations seeking a one-stop-shop for all their HR needs.
2016: Recognition and expansion in the RPO space
By 2016, PeopleStrong had made significant strides in establishing itself as a leader in the HR tech space. That year, the company was recognised as a leader in NelsonHall’s NEAT Vendor Evaluation for Recruitment Process Outsourcing (RPO) in Asia Pacific. This was a significant achievement, as it placed PeopleStrong alongside some of the most respected global HR technology providers.
PeopleStrong also continued to expand its presence in Asia Pacific, further solidifying its reputation as a key player in the HR tech industry. With a growing portfolio of solutions and services, the company was now able to offer end-to-end HR technology, including recruitment, payroll, and talent management solutions.
2017: A turning point – Multiples PE acquisition
In 2017, PeopleStrong experienced a turning point in its journey when Multiples Private Equity (Multiples PE) acquired a controlling stake in the company. At the time, this marked the largest HRTech deal in India. This investment allowed PeopleStrong to accelerate its growth and scale its operations more effectively.
With new capital and resources at its disposal, PeopleStrong began to significantly expand its product offering and customer base. The company also began to focus on international markets, opening new offices in Singapore and other key global hubs. This move was aimed at further solidifying PeopleStrong’s position as a global HR tech player.
The partnership with Multiples PE was instrumental in setting the stage for the company’s future growth. It provided PeopleStrong with the resources needed to compete on the global stage, and the management team was able to leverage Multiples PE’s expertise to drive further innovation and operational excellence.
2018: The launch of the HR app store
2018 was a landmark year for PeopleStrong, as it launched the HR App Store, a first-of-its-kind initiative in the HR tech space. The platform was designed to provide businesses with a variety of HR applications that could be easily integrated into their existing systems.
This innovative product quickly gained traction, with over 100,000 users in its first year. It was also well-received in the market, earning a solid 4.2 rating on the Google Play Store. The HR App Store marked a major leap forward for PeopleStrong, positioning it as an innovator in the HR SaaS industry.
The HR App Store also demonstrated the company’s commitment to making HR technology more accessible and user-friendly. It offered businesses an intuitive platform where they could find the right tools to address their specific HR needs, from recruitment to employee engagement.
2019: Expanding technological capabilities
By 2019, PeopleStrong had established itself as a major player in the HR tech industry. The company continued its expansion strategy with the acquisition of Qilo, a performance management firm. This acquisition allowed PeopleStrong to further enhance its suite of HR solutions by incorporating performance management capabilities into its platform.
Additionally, the company launched Jinie, an AI-powered HR chatbot that helped businesses automate employee interactions and improve employee engagement. This AI-driven solution was a significant addition to PeopleStrong’s portfolio and aligned with the growing trend of incorporating artificial intelligence in HR processes.
The company also continued its international expansion, setting up an office in Singapore to cater to the growing demand for HR tech solutions in the Southeast Asia region.
2020: New leadership and vision for growth
In 2020, PeopleStrong appointed Sandeep Chaudhary as CEO, following his previous leadership experience at Aon. Chaudhary’s appointment marked a new phase in the company’s growth strategy, focusing on leveraging technology to accelerate expansion and innovation. Under his leadership, PeopleStrong began to focus more on AI-led product innovation, which would become a key area of growth in the following years.
Chaudhary’s leadership also saw a renewed focus on improving the user experience for PeopleStrong’s clients. The company worked on enhancing its products’ AI capabilities to improve automation, predictive analytics, and decision-making. With AI being a transformative force in HR, this strategic shift helped position PeopleStrong at the forefront of the next-generation HR tech revolution.
2021: Expanding globally
In 2021, PeopleStrong embarked on an ambitious global expansion strategy. The company opened new offices in Australia, New Zealand, Vietnam, Indonesia, and the Middle East & Africa (MEA). These expansions marked a significant milestone in PeopleStrong’s journey, as it began to tap into international markets beyond Asia Pacific.
To complement its international expansion, PeopleStrong launched the PeopleStrong Academy, a platform designed to help organisations upskill their workforce and drive employee engagement through training and development. This initiative was part of the company’s broader vision to provide a comprehensive, AI-powered suite of tools that addressed every aspect of the employee lifecycle.
2022: Strengthening product offering
In 2022, PeopleStrong acquired PayReview, a company that specialised in compensation management. This acquisition was aimed at enhancing PeopleStrong’s capabilities in one of the most critical aspects of HR — compensation and benefits. With this addition, PeopleStrong strengthened its HR platform, enabling businesses to manage employee compensation more effectively and align it with performance metrics.
The acquisition also positioned PeopleStrong as a more comprehensive HR tech provider, offering a complete suite of services from recruitment to performance management and compensation.
2023: Continued expansion and emerging as a challenger
By 2023, PeopleStrong had expanded to more than nine countries globally and was emerging as a formidable challenger to some of the world’s largest HR tech companies. The company’s rapid growth, combined with its innovative product offerings, made it one of the most promising HR tech companies in Asia Pacific and beyond.
PeopleStrong’s ability to provide a comprehensive, AI-driven platform that addressed the entire employee lifecycle set it apart from competitors. The company continued to innovate and evolve its product suite to meet the changing needs of businesses in a rapidly evolving HR landscape.
2025: Goldman Sachs acquisition marks a pivotal moment
In 2025, PeopleStrong achieved a monumental milestone with the announcement that Goldman Sachs Alternatives had acquired a majority stake in the company. This landmark deal marked the largest controlling stake acquisition in PeopleStrong’s history and was a significant validation of the company’s position in the global HR tech market.
The deal was seen as a vote of confidence in PeopleStrong’s ability to drive innovation and growth in the HR technology space. With Goldman Sachs’ backing, PeopleStrong is poised to accelerate its product development and expand its reach globally, particularly in AI-led innovations that are expected to define the future of HR.
“We are excited to join forces with Goldman Sachs,” said Sandeep Chaudhary, CEO of PeopleStrong. “Their global expertise in SaaS and AI will be invaluable as we continue to innovate and grow our platform to meet the evolving needs of our customers.”
The future of PeopleStrong
PeopleStrong is focused on accelerating its global expansion, driving AI-powered innovations, and expanding its user base. With Goldman Sachs now onboard as a majority investor, the company has the resources and expertise needed to scale rapidly and cement its position as a leader in the global HR tech landscape.
As the company moves into its next phase, it will continue to focus on empowering businesses with the tools they need to streamline HR processes, enhance employee experience, and drive organisational growth.
